I would concur with the answers you have received so far. Get with a tax consultant for detailed information.

Terrence Charest, e-Pro

Charley,
You're safest best is to always check with an accountant for the latest changes in the tax code. However, as long as the home was your primary residence for at least 24 consecutive months in the past 5 years you won't pay taxes on the profit up to 250k. If you are married it is higher (twice that amount?). If you are buying a another house you could always explore doing a 1031 tax exchange.
I hope that helps!

You may not have to pay any capital gains at all. If you have used the home as your primary residence for two of the last five years, have not used it for business or as a rental, and the asle price is under the limits for your tax status you don't owe taxes. Check with your accountant or tax consultant.